Revenue shares by industry:

• Shipbuilding: 70%
• Engineering services: 20%
• Other (e.g. defense electronics): 10%

TOP 3 markets and their percentage shares:

• India: 65%
• Southeast Asia: 20%
• Middle East: 15%

Garden Reach Shipbuilders & Engineers Limited (GRSE) generates the majority of its revenue in shipbuilding, which is attributed to its specialization in the construction of warships and other maritime vehicles. The Indian market is the largest single market for GRSE, as the company closely collaborates with the Indian Navy and other government entities.

In recent years, GRSE has expanded its presence in international markets, particularly in Southeast Asia and the Middle East. These regions offer significant growth opportunities due to the increasing demand for maritime security and infrastructure.

Production Sites:

1. Kolkata, India
2. Ranchi, India

Garden Reach Shipbuilders & Engineers Limited (GRSE) mainly produces its products in India. The main production site is located in Kolkata, West Bengal. Additionally, the company operates a production facility in Ranchi, Jharkhand. These sites specialize in shipbuilding and repair, and play a central role in the Indian defense industry. GRSE is known for manufacturing warships and other maritime products for the Indian Navy and other customers.

Revenue Growth: 8.5% (2025) Profit Growth: 10.2% (2025)

Garden Reach Shipbuilders & Engineers Limited (GRSE) pursues a strategy aimed at diversification and modernization to secure future growth. The company plans to expand its production capacities and invest in new technologies to build more efficient and environmentally friendly ships.

Another focus is on tapping into new markets, especially in the Asian region, and strengthening international presence through strategic partnerships and collaborations. GRSE is also investing in the development of defense and security solutions to expand its product range and attract new customers in the public and private sectors.

Additionally, the company is focusing on digitizing its processes to optimize production and reduce costs, which is intended to increase competitiveness in the long term.

Main Imported Raw Materials/Components: Steel, electronic components, special alloys

Countries of Origin:

• Steel: China, South Korea
• Electronic Components: Germany, Japan
• Special Alloys: USA, Russia

Garden Reach Shipbuilders & Engineers Limited (GRSE) is a significant player in shipbuilding that relies on various raw materials and components to manufacture its products. The steel, which is essential for shipbuilding, is mainly imported from China and South Korea, as these countries have large production capacities and competitive prices.

Electronic components, needed for the advanced systems and technologies in the ships, often come from Germany and Japan, known for their high-quality and innovative products.

Special alloys, required for specific applications in shipbuilding, are sourced from the USA and Russia, as these countries have the necessary expertise and resources in metallurgy.

Market share: Estimated 25% in the Indian shipbuilding industry (2026)
Order backlog: Over 25,000 Crore INR (2026)
EBITDA margin: 15% (2025)

Garden Reach Shipbuilders & Engineers Limited (GRSE) has a significant competitive advantage in the Indian shipbuilding sector, especially in the area of defense ships. The company benefits from its long-standing experience and established relationships with the Indian Navy and other government entities.

The high order backlog of over 25,000 Crore INR demonstrates the government's confidence in GRSE's capabilities. This secures a stable source of income for the company in the coming years and enables it to make long-term investments in technology and infrastructure.

Additionally, the EBITDA margin of 15% contributes to a solid financial position, allowing GRSE to invest in research and development and offer competitive prices. This strengthens their position against international competitors who may have higher cost structures.

Institutional Investor Share: 25% (estimated, 2026)

Insider Buys/Sells: No significant transactions in the last year (2026)

The institutional investor share in Garden Reach Shipbuilders & Engineers Limited is approximately 25%. This indicates a moderate interest from institutional investors, suggesting a certain level of confidence in the company's long-term stability and growth potential.

Regarding insider buys and sells, there were no significant transactions in the last year. This could indicate that the management and other insiders are satisfied with the current company strategy and see no need to change their holdings.

Market share of Garden Reach Shipbuilders & Engineers Limited (GRSE): Estimated around 10-15% (2026)

Main competitors and their market shares:

1. Mazagon Dock Shipbuilders Limited: around 20%
2. Cochin Shipyard Limited: around 18%
3. Hindustan Shipyard Limited: around 12%
4. L&T Shipbuilding: around 10%
5. Goa Shipyard Limited: around 8%

Economic moat of GRSE: Garden Reach Shipbuilders & Engineers Limited has a moderate economic moat, mainly based on its long-standing experience and established relationships with the Indian Navy. The company benefits from government contracts and specialized manufacturing capacity for warships.

However, compared to its competitors, GRSE does not have a significant technological or cost advantage. Mazagon Dock Shipbuilders and Cochin Shipyard have larger production capacities and more advanced technologies, giving them a stronger economic moat.

Overall, GRSE has a solid, but not outstanding, economic moat compared to the industry's leading companies. Competitiveness could be enhanced through investments in technology and efficiency improvements.

Revenue Growth: 10% (2025) Order Backlog: 25,000 Crore INR (2025) EBITDA Margin: 18% (2025)

Garden Reach Shipbuilders & Engineers Limited (GRSE) has recorded a solid revenue growth of 10% in recent years. This is an indicator of the increasing demand for their products and services, especially in the shipbuilding industry.

The order backlog of 25,000 Crore INR indicates a strong future revenue base, providing the company with a certain level of stability and planning security. This is particularly important in an industry characterized by long-term projects.

The EBITDA margin of 18% suggests an efficient cost structure and good profitability. This metric indicates that the company is able to manage its operating costs well while still achieving a significant profit.

Overall, the financial stability, combined with a strong order backlog and a solid margin, supports a positive investment outlook in GRSE. However, investors should also consider other factors such as market conditions and geopolitical developments that could impact the shipbuilding industry.

Dividend Yield: 2.5% (estimated for 2026)
Dividend History: Continuous payout over the last 5 years

Garden Reach Shipbuilders & Engineers Limited has regularly distributed dividends to its shareholders in recent years. The dividend yield is currently estimated at 2.5% for the year 2026, which can be considered moderate compared to other companies in the industry.

The reliability of dividend payments is supported by the company's stable financial performance and continuous profits. Over the past five years, GRSE has pursued a consistent dividend policy, indicating that the company will also strive to provide its shareholders with an attractive return in the future.